In a statement on Sunday from the Head, Corporate
Communications Department, AMCON, Jude Nwauzor, titled ‘N1.3bn debt: AMCON
takes over assets of Inducon Nigeria Limited’ it said this followed the order
of Honourable Justice Aikawa of the Federal High Court, Lagos.
“In compliance with the enforcement order, AMCON at the
weekend took effective possession of the property situate at Plot12, Block 108,
Lekki Peninsula Residential Scheme, Lagos, through its debt recovery agent –
Ogunsola Shonibare L.P.
“The court also ordered that the bank accounts of the
company and its directors, Dr. John Abebe, Mr Olawole Fatimilehin and Ademola
Buraimoh, be frozen pending the final determination of the suit.”
AMCON stated that the case of Inducon Nigeria Limited and
its promoters had been interminable shortly after the loan was purchased by
AMCON during the first phase of Eligible Bank Asset purchases from the defunct
FinBank (now FCMB) since 2011.
Since the purchase, AMCON said it had offered the obligor
several concessions and explored all avenues to resolve the debt harmoniously,
but the obligor and his company had remained recalcitrant and unenthusiastic to
repay the huge debt to AMCON.
They had consistently reneged on several promises they made
in the past during negotiations, it stated.
It said that this prompted the debt recovery agency to evoke
the corporation’s asset tracing powers granted it under the AMCON (Amendment
No. 2) Act, 2019.
Nwauzor confirmed the success of the enforcement exercise
over the weekend but added that all avenues of peaceful resolution were
explored to no avail before the hard decision was taken.
He emphasised that the enforcement option was usually the
last resort for the corporation whenever a recalcitrant obligor decided to be
unreasonable